It got a healthy heap of skepticism that integrating Nokia’s devices and services business with its own will lead to products that can win market share from Apple and Google. It got praise that even as its second largest acquisition (Skype was its largest at $8.6 billion), the deal was financially savvy, given the division it purchased generated half of Nokia’s 30.2 billion euros in sales in 2012.

The acquisition of the Finnish mobile handset maker didn’t include Nokia Growth Partners. The investment vehicle is free to continue its mission of finding and funding the most promising mobile startups, although the last few days have been peppered with uncertainty.

With more than $600 million now under management, Nokia Growth Partners has some 27 active investments in mobile startups tackling everything from e-commerce and micro-optical technology to video streaming and security.

The group, which was founded in 2005, trumpets that their connections in the mobile ecosystem–not just cash–make their group special. Mr. Ilsoe told VentureWire than at any given time between 70% and 80% of its portfolio companies have a “meaningful” relationship with Nokia.

Whether this means the startups are licensing their technology to Nokia (like Swype did before being purchased by Nuance Communications) or Nokia lends design or other expertise depends on the startup.

Mr. Ilsoe told VentureWire he expects to continue the relationships he has with key Nokia employees even as some 32,000 of them will be swept into Microsoft when the deal is completed next year.

“They [former Nokia employees] will be more at an arm’s length than they are today,” Mr. Ilsoe said. “We will continue to work with the Microsoft groups to hopefully make them a customer of Microsoft’s but also of Nokia’s. We want to make companies successful – that’s why we are here.”

Mr. Ilsoe said Nokia Growth Partners, which raised a $250 million third fund from its sole LP Nokia at the beginning of this year, will continue its current investing pace and focus. The group invests between $5 million and $15 million in mobile startups around the world and provides follow-on funding as well. With partners in the U.S., Europe, China and India, the firm deploys between $50 million and $60 million a year.

“These funds are 10-year commitments,” said Mr. Ilso. “Our expectation is that in four to five years, if we do as well as we hope we will, we will have another conversation to raise another fund. We of course have to navigate through this transition [with Microsoft], but we have a strong group and a strong portfolio.”

About Venture Capital Dispatch

Produced by the editors of Dow Jones VentureWire, Venture Capital Dispatch tracks the fast-moving developments at the intersection of high-tech innovation and venture capital finance. Featuring the VentureWire reporting team in the Silicon Valley, New York, Boston and Shanghai tech centers, Venture Capital Dispatch provides insight into the newest start-ups and latest trends in venture capital investing. Write us at VCdispatch@dowjones.com. For more information on Dow Jones products covering venture capital and other financial markets, go to http://pevc.dowjones.com.